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Jaguar Mining Increases Measured and Indicated Mineral Resources at Gurupi by 30% to More Than 3 Million Ounces

JAG - TSX/NYSE

BELO HORIZONTE, Brazil, July 30, 2012 /CNW/ - Jaguar Mining Inc. (JAG:
TSX/NYSE)today announced that it has increased its estimated measured and
indicated mineral resources at its Gurupi Project to 3.2 million ounces
of gold based on analysis of recent drilling results. The resources,
stated at a cutoff grade of 0.33 g/t Au, include 35.65 million tonnes
of Measured Resources at 0.86 g/t Au and 75.02 million tonnes of
Indicated Resources at 0.93 g/t.

Between the third quarter of 2011 and the second quarter of 2012, Jaguar
conducted a comprehensive diamond drilling campaign at the Chega Tudo
and Cipoeiro deposits within the Gurupi Project. A total of 24,497
meters were drilled in 107 holes for 19,655 samples recovered. The
drill results confirmed the extension of the mineralization to a depth
of over 350 meters below surface at Chega Tudo and over 300 meters
depth at Cipoeiro. Previous drilling programs, which included a total
of 75,233 meters drilled in 543 holes, had confirmed the mineralization
only to depths of approximately 130 meters and 170 meters at Chega Tudo
and Cipoeiro, respectively. Gold mineralization at both the Chega Tudo
and Cipoeiro deposits remains open at depth. The following tables
provide the current estimated Measured and Indicated Resources at these
deposits:

Gurupi Gold Project Measured Resources

Cipoeiro

Chega Tudo

Total

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

0.00

0.42

52.60

0.71

0.00

0.48

30.54

0.47

0.00

0.44

83.14

1.18

0.10

0.61

35.41

0.69

0.10

0.57

25.35

0.46

0.10

0.59

60.76

1.15

0.20

0.76

26.46

0.65

0.20

0.65

21.32

0.44

0.20

0.71

47.78

1.09

0.21

0.77

25.73

0.64

0.21

0.65

20.92

0.44

0.21

0.72

46.65

1.08

0.25

0.84

23.23

0.63

0.25

0.69

19.35

0.43

0.25

0.77

42.58

1.06

0.30

0.91

20.68

0.60

0.30

0.74

17.44

0.41

0.30

0.82

38.12

1.01

0.33

0.95

19.31

0.59

0.33

0.76

16.34

0.40

0.33

0.86

35.65

0.99

0.35

0.98

18.46

0.58

0.35

0.78

15.64

0.39

0.35

0.88

34.10

0.97

0.40

1.04

16.58

0.56

0.40

0.83

13.92

0.37

0.40

0.95

30.50

0.93

0.50

1.18

13.49

0.51

0.50

0.94

10.82

0.33

0.50

1.07

24.31

0.84

0.60

1.31

11.15

0.47

0.60

1.06

8.40

0.29

0.60

1.21

19.55

0.76

0.70

1.44

9.31

0.43

0.70

1.18

6.46

0.25

0.70

1.34

15.77

0.68

0.80

1.58

7.78

0.40

0.80

1.30

5.12

0.21

0.80

1.47

12.90

0.61

Gurupi Gold Project Indicated Resources

Cipoeiro

Chega Tudo

Total

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

0.00

0.47

116.82

1.78

0.00

0.50

52.71

0.85

0.00

0.48

169.53

2.63

0.10

0.68

78.49

1.73

0.10

0.59

44.49

0.84

0.10

0.65

122.98

2.57

0.20

0.85

59.87

1.64

0.20

0.66

38.15

0.81

0.20

0.78

98.02

2.45

0.21

0.87

58.49

1.63

0.21

0.67

37.48

0.81

0.21

0.79

95.97

2.44

0.25

0.93

53.47

1.59

0.25

0.70

34.95

0.79

0.25

0.84

88.42

2.38

0.30

1.00

48.07

1.55

0.30

0.74

31.79

0.76

0.30

0.90

79.86

2.31

0.33

1.05

45.11

1.52

0.33

0.77

29.91

0.74

0.33

0.94

75.02

2.26

0.35

1.07

43.27

1.50

0.35

0.79

28.66

0.73

0.35

0.96

71.93

2.23

0.40

1.15

38.93

1.44

0.40

0.84

25.68

0.69

0.40

1.03

64.61

2.13

0.50

1.31

31.96

1.34

0.50

0.94

20.19

0.61

0.50

1.16

52.15

1.95

0.60

1.46

26.65

1.25

0.60

1.05

15.74

0.53

0.60

1.31

42.39

1.78

0.70

1.61

22.45

1.16

0.70

1.17

12.20

0.46

0.70

1.45

34.65

1.62

0.80

1.75

19.23

1.08

0.80

1.29

9.52

0.39

0.80

1.59

28.75

1.47

Gurupi Gold Project Measured + Indicated Resources

Cipoeiro

Chega Tudo

Total

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

Cutoff Au g/t

Average Au g/t

Million Tonnes

Million Ounces

0.00

0.46

169.42

2.50

0.00

0.49

83.25

1.32

0.00

0.47

252.67

3.82

0.10

0.66

113.90

2.42

0.10

0.58

69.84

1.30

0.10

0.63

183.74

3.72

0.20

0.82

86.33

2.29

0.20

0.66

59.47

1.25

0.20

0.76

145.80

3.54

0.21

0.84

84.23

2.27

0.21

0.66

58.41

1.25

0.21

0.77

142.64

3.52

0.25

0.90

76.71

2.22

0.25

0.70

54.30

1.22

0.25

0.82

131.01

3.44

0.30

0.97

68.76

2.15

0.30

0.74

49.22

1.17

0.30

0.88

117.98

3.32

0.33

1.02

64.42

2.10

0.33

0.77

46.25

1.14

0.33

0.91

110.67

3.24

0.35

1.05

61.73

2.07

0.35

0.79

44.31

1.12

0.35

0.94

106.04

3.19

0.40

1.12

55.52

2.00

0.40

0.84

39.61

1.06

0.40

1.00

95.13

3.06

0.50

1.27

45.46

1.86

0.50

0.94

31.02

0.94

0.50

1.14

76.48

2.80

0.60

1.42

37.80

1.72

0.60

1.05

24.15

0.82

0.60

1.28

61.95

2.54

0.70

1.56

31.77

1.59

0.70

1.17

18.66

0.70

0.70

1.41

50.43

2.29

0.80

1.70

27.01

1.48

0.80

1.29

14.64

0.61

0.80

1.56

41.65

2.09

Notes:

(1) Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that all or any
part of the Mineral Resources estimated will be converted into Mineral
Reserves.

(2) Resources are stated at a cutoff grade of 0.33 g/t Au for oxide,
transition and sulfide material and are contained within a pit
optimization shell.

(3) Pit optimization is based on an assumed gold price of US$1,500/oz,
metallurgical recovery of 85.3%, processing and G&A cost of US$8.60/t
processed and mining cost of US$1.17/tonne for Cipoeiro and US$1.50 for
Chega Tudo. The cutoff grade calculated from these parameters is 0.21
g/t Au.

(4) Mineral resource tonnage and contained metal have been rounded to
reflect the accuracy of the estimate, and numbers may not add due to
rounding.

(5) Mineral resource tonnage and grade are reported as diluted.

(6) Gold assays were capped prior to compositing.

The mineral resource estimates were carried out by Ms. Leah Mach,
Principal Geologist, at SRK. Ms. Mach is an independent Qualified
Person in accordance with NI 43-101 and amendments and additions
thereto.

Jaguar is continuing work on a revised feasibility study for the
development of the Gurupi Project, which will incorporate the new drill
results and resource estimates. The feasibility study is expected to
be completed during the fourth quarter of 2012.

While the Company has focused recent drilling and exploration on the
Chega Tudo and Cipoeiro deposits, the 100 percent Jaguar owned Gurupi
concession includes 12 additional, identified targets within the Gurupi
Project in 34 contiguous mineral rights totaling 150,604 hectares.
These additional targets have not been included in any of the Company's
mineral resource estimates or feasibility studies related to the Gurupi
Project to date. These targets have been identified by favorable
geology, structures, old artisan mine works, soil and channel sampling
anomalies and exploration drilling, and represent the potential for
further increases in mineral resources at Gurupi.

This press release has been reviewed and approved by Wilson Miola,
Jaguar's Director of Engineering, and a Qualified Person under NI
43-101.

About Jaguar Mining

Jaguar is a junior gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais and is developing the
Gurupi Project in Northern Brazil in the state of Maranhão. The Company
is actively exploring and developing additional mineral resources at
its approximate 220,000-hectare land base in Brazil. Additional
information is available on the Company's website at www.jaguarmining.com.

Forward Looking Statements

Certain statements in this press release constitute "Forward-Looking
Statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation.
These Forward-Looking Statements include, but are not limited to,
statements concerning the completion of the revised Gurupi Project
feasibility Study during the fourth quarter of 2012. Forward-Looking
Statements can be identified by the use of words, such as "are
expected", "is forecast", "is targeted", "approximately" or variations
of such words and phrases or statements that certain actions, events or
results "may", "could", "would", "might", or "will" be taken, occur or
be achieved. Forward-Looking Statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results or performance to be materially different from any future
results or performance expressed or implied by the Forward-Looking
Statements.

These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drilling results and other geological data, fluctuating
gold prices and monetary exchange rates, the possibility of project
cost delays and overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future, uncertainties related to production rates, timing
of production and the cash and total costs of production, changes in
applicable laws including laws related to mining development,
environmental protection, and the protection of the health and safety
of mine workers, the availability of labor and equipment, the
possibility of labor strikes and work stoppages and changes in general
economic conditions. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to
differ materially from those described in Forward-Looking Statements,
there may be other factors that could cause actions, events or results
to differ from those anticipated, estimated or intended.

These Forward-Looking Statements represent the Company's views as of the
date of this press release. The Company anticipates that subsequent
events and developments may cause the Company's views to change. The
Company does not undertake to update any forward-looking statements,
either written or oral, that may be made from time to time by or on
behalf of the Company subsequent to the date of this discussion except
as required by law. For a discussion of important factors affecting the
Company, including fluctuations in the price of gold and exchange
rates, uncertainty in the calculation of mineral resources,
competition, uncertainty concerning geological conditions and
governmental regulations and assumptions underlying the Company's
forward-looking statements, see the "CAUTIONARY NOTE" regarding
forward-looking statements and "RISK FACTORS" in the Company's Annual
Information Form for the year ended December 31, 2011 filed on SEDAR
and available at http://www.sedar.com and the Company's Annual Report on Form 40-F for the year ended
December 31, 2011 filed with the United States Securities and Exchange
Commission and available at www.sec.gov.